London-based FinTech HyperJar has announced a $24 million Series A raise, which was led by Susquehanna Private Equity Investments, LLLP, and also included the Healthcare of Ontario Pension Plan (HOOPP).
HyperJar identifies spending money as the world’s most important asset class and an unserved global market opportunity. Its B2C digital wallet has over half a million customers in the UK.
The wallet helps people manage their spending intentionally using world-first tools. These allow for partitioning, sharing, and exceptional control of money, as well as access to unique merchant rewards. The FinTech gives merchants a targeted and contextually relevant channel to drive desired consumer outcomes effectively and accurately through its rewards engine.
HyperLayer is the company’s B2B venture. It gives global enterprise customers access to the underlying HyperJar tech for spending, transactions, rewards capabilities, and more. It offers banks revolutionary consumer and social network functionality to compete with digital-first challengers, helping deliver new revenue streams and satisfy Consumer Duty obligations.
It also enhances the customer propositions of other enterprise clients, including asset managers, pension funds, merchants, and any organisation whose clients are also spenders.
Rob Rooney, HyperJar’s CEO, said “In a very tough fundraising environment, this investment represents terrific confidence in what we have built so far and in HyperJar’s future as a global business. Spending is the world’s biggest asset class, yet it’s largely unserved. Making spending money go further is the fastest way for most people to improve their financial position, but this is not what banks, credit platforms, payment platforms, or asset and wealth managers are set up to do. We’ve created the world’s best tech for this unmet need.”
“There’s a massive greenfield opportunity for organisations everywhere to offer their customers exceptional spending tech via HyperLayer, and this $24 million raise gives us the fuel to accelerate both B2B and B2C product development and to expand internationally into North America, Europe, and other growth markets.”